Court Of Appeal Rules In Favor Of First Bank, Orders Sale Of $64Million Crude Onboard Obaigbena’s Cargo Ship

By Daniel Dafe

“The Court of Appeal has overturned an earlier judgement of a High Court which dismissed First Bank of Nigeria’s case against General Hydrocarbons Limited owned by Nduka Obaigbena, ordering the immediate sales of the $64million worth of crude oil cargo onboard the FPSO Tamara Tokoni.”

Investigative journalist, Jackson Ude, who revealed this in a post on X, added that “the court agreed that GHL had fraudulently diverted proceeds from the sales of the crude oil onboard the ship instead of paying back loans it collected from First Bank Plc.”

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According to the post, “Obaigbena, notorious for obtaining loans and not paying back have been in legal tussles with First Bank PLC,” saying that “in 2015, he was accused of collecting N670million from the former National Security Adviser, NSA, Sambo Dasuki, and later fled into exile.”

“With the latest court decision, Obaigbena may need to go and read Femi Otedola’s “Making It Big,” which has jumped to No.1 on Amazon’s Best Seller,” he concluded.